While Europe remains in turmoil some of the world's emerging economies are pushing for a larger role in managing global debt.

At their fifth annual summit, held in Durban, South Africa, the leaders of Brazil, Russia, India, China and South Africa, known collectively as the BRICS nations, have agreed to set up a $50 billion development bank.

It will be the first institution established by the informal grouping, and is a direct snub to the World Bank.

The leaders began holding forums at the start of the global financial crisis in an effort to set an economic path that was not dominated by the West.

But by the close of the two-day summit, the BRICS nations could only announce an in-principle agreement to create a joint lender to meet the countries' $4.5 trillion infrastructure needs, and a fund to shore up liquidity problems that emerge.

Key questions remain unanswered, including: how much cash each country should contribute, how infrastructure projects will be chosen and where the bank will be based.

Russia's deputy foreign minister Sergei Ryabkov says there is still much negotiating to do.

"We just used one year since New Delhi summit to have to complete a feasibility study and now we are at a very different stage, where, as always, the devil is in details," Mr Ryabkov said.

International affairs analyst Brooks Spector says it's not likely to be an easy task.

"It is not just the devil was in the detail, the actual working of it is in the detail, and for that they haven't really got clarity yet on what it'll be," Mr Spector said.

Together, the BRICS economies account for 25 per cent of global output and 40 per cent of the world's population, and their leaders are not shy about talking up their contribution to the global economy.

Brazilian president Dilma Rousseff told the summit that last year, BRICS countries received $263 billion in investment flows, the equivalent of 20 per cent of worldwide foreign direct investment.

Russian president Vladimir Putin insists the countries should carry more influence.

"Our countries have 40 per cent of the planet's population," Mr Putin said.

"BRICS nations have large natural resources, have a well-prepared industrial basis and well-trained staff."

While most of the rest of the world's economy has been in a long-term slump, it has been left to the BRICS economies to drive growth, but they believe they have not received enough respect and influence in existing forums.

The director of the Institute of Global Finance at the University of New South Wales, Fariborz Moshirian, says nations such as China believe a BRICS development bank will help them target key nations with which they have direct bilateral relationships.

"We know that for instance China has got great interests in Africa," Dr Moshirian said.

"They have been very active in tapping into mining resources, in turning African communities into more cohesive economies where they could basically buy and sell from China and to China."